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| A statement made to the underwriter before acceptance of risk, which is material to his decision in accepting and rating the
risk. |
| When an insurance policy's guaranteed cash value equals the initial death benefit, it is said to "endow" or mature. Whole
Life contracts typically endow at the insured's age 100. |
| The date which the policy endows for its total face amount. |
| The amount payable under a Whole Life insurance policy if the insured person lives to the last age on the mortality table on
which the values of the contract were based. |
| A medical history and exam completed by a doctor that the insurer may require of the applicant during the underwriting
process typically, paid for by the life insurer underwriting the application. |
| A data pool service that stores confidential reports on the health histories of persons who, in the past, have applied for
insurance from other member companies. Most insurers subscribe to this bureau to get more complete underwriting information. |
| Act of making, issuing, circulating or causing to be issued or circulated an estimate, an illustration, a circular or a
statement of any kind that does not represent the correct policy terms, dividends or share of surplus or the name or title for any policy or class of
policies that does not in fact reflect its true nature. |
| A fund that seeks to maintain a stable net asset value of $1 per share. Money market funds are generally considered to be
conservative; however they are not guaranteed by the U.S. government and can lose value. |
| Hazard arising from any nonphysical, personal characteristic of a risk that increases the possibility of loss or may
intensify the severity of loss for instance, bad habits, low integrity, poor financial standing. |
| The frequency of deaths in proportion to a specific population. |
| The number of deaths in a group of people, usually expressed as deaths per thousand. |
| A table showing how many members of a group, starting at a certain age, will be alive at each succeeding age. It is used to
calculate the probability of dying in, or surviving through, any period, and for the valuation of an annuity. |
| A type of Term Life policy which pays off the balance of a mortgage upon the death of the insured. Typically, the death
benefit decreases according to a schedule that fits the declining payoff requirements of the mortgage. |
| A premium payment option where future annual premiums are paid in advance at a discount. |
| Pooled money from shareholders that is invested in a variety of securities, including stocks, bonds and money market
securities. Mutual funds offer the individual investor the advantages of diversification and professional management. |
| An insurance company in which the ownership and control is vested in the policy holders and a portion of surplus earnings may
return to policy holders in the form of dividends. No capital stock exists. |
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